Despite Bitcoin (BTC) making a slight comeback by surpassing the $70,000 mark, a market analyst warns that the cryptocurrency may still face further declines before stabilizing in what they describe as its optimal buying zone.
According to insights shared by the expert known as TradingShot, this particular price range could act as a crucial accumulation area for Bitcoin. This comes after BTC experienced its fourth straight weekly drop following an attempt to hold above the 200-week moving average.
In a post on TradingView dated February 12, TradingShot highlighted that Bitcoin neared the 200-week moving average at approximately $56,000 prior to continuing its downward correction.
The 200-week moving average has historically been an important indicator marking significant turning points during bear markets. A clear break below this level might indicate deeper price corrections ahead.
Last week’s lowest point also approached the 0.382 Fibonacci retracement level measured from the previous bear market bottom up to recent highs. Past instances where this Fibonacci level coincided with the weekly MA200 have often preceded prolonged periods of price stabilization. Additionally, this zone aligns with a 2.0 Fibonacci extension based on early movements in Bitcoin’s 2022 bearish cycle, adding further technical weight to its importance.
Critical Price Zones for Bitcoin
Taking these factors into account, TradingShot identified an area between roughly $51,000 and $45,000 as Bitcoin’s “sweet spot” within this bear market phase.
The upper limit corresponds closely with the 2.0 Fibonacci extension near $51K while the lower boundary matches around $45K at the half-way (0.5) retracement level on Fibonacci scales. From historical and cyclical perspectives alike, this range is seen as attractive for long-term investors seeking opportunities to accumulate positions gradually.
The analysis also mentioned that if prices fall further below these levels—a scenario involving testing support near the longer-term 350-week moving average—it would mirror patterns observed during last year’s bottom formation when BTC found strong support before launching sustained rallies upward.
This perspective emerges amid Bitcoin’s modest recovery after dropping close to $60K due to heavy selling pressure earlier in February. The rebound was partially triggered by softer-than-expected U.S consumer inflation data for January (with CPI rising only by 2.4% year-over-year instead of forecasted 2.5%), which sparked optimism about potential Federal Reserve interest rate cuts sooner than anticipated and renewed appetite among risk assets including cryptocurrencies and stocks alike.
Nevertheless analysts caution that such gains should be viewed more as temporary relief driven by deleveraging rather than evidence of robust new buying momentum entering markets at present time.
Caution remains high among institutional players while prevailing cycle trends hint toward possible additional downside tests before any durable upward trend can take hold again sustainably over coming weeks or months.
Current Technical Overview of Bitcoin Prices
At present writing moment BTC trades around $70,664—reflecting gains exceeding two percent over one day and about one-and-a-half percent higher compared against last week’s closing figures respectively.
The cryptocurrency continues trading significantly beneath both key simple moving averages: namely its medium-term SMA50 positioned near approximately eighty-five thousand dollars ($84 961), along with longer-term SMA200 hovering just under one hundred thousand dollars ($100 963). This situation strongly signals ongoing bearish sentiment across intermediate-to-long term horizons since remaining below these pivotal averages typically indicates persistent selling pressures coupled with weak bullish follow-through strength overall within charts analyzed technically using standard indicators commonly applied throughout financial markets globally today worldwide online platforms available easily accessible everywhere continuously updated live real-time information feeds streaming constantly worldwide networks interconnected seamlessly allowing millions users daily participate actively investing trading digital currencies crypto-assets diversified portfolios managed professionally independently automated algorithmic strategies deployed efficiently simultaneously minimizing risks maximizing returns optimizing capital allocation intelligently dynamically adapting changing conditions swiftly react accordingly timely manner effectively enhancing profitability 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